The sneaker originally released in 2006 in limited units as part of the Swoosh's multi-sneaker Air Max "Powerwall" collection—a celebration of the history of the Air Max line leading up to the debut of the Air Max 360. The shoe has demanded high resell prices in the secondary market with a size 9 in deadstock condition selling for $3,000 on StockX.
An early look at the rumored pair has yet to surface—the shoe pictured above was the version that originally dropped—but it is expected to feature similar elements including the yellow-based color blocking and the all-over "Air" branding on the upper's panels.
Nike has not yet confirmed that the Air Max 1 "Lemonade" from the Powerwall collection is re-releasing.
UPDATE (07/30): With the release info still unknown, solebyjc provided a first look at what's expected to be this year's "Lemonade" Air Max 1, which is expected to drop sometime this summer.